Nokia takes big loss, presses ahead with restructuring

Nokia, the world's biggest mobile phone maker, reported a much worse-than-expected first quarter loss Thursday as it presses ahead with an extensive restructuring of its faltering business.

Nokia issued a profit warning last week but the net loss of 929 million euros ($1.2 billion) in the first quarter of the year was far beyond the loss of 554 million euros expected by analysts polled by Dow Jones Newswires.

Sales fell 30 percent on a 12-month comparison to 7.35 billion euros but this figure was in line with analyst forecasts.

"We are navigating through a significant company transition in an industry environment that continues to evolve and shift quickly," Nokia chief executive Stephen Elop said.

"Over the last year we have made progress on our new strategy but we have faced greater than expected competitive challenges," he said.

Read Full Article from AFP

- Posted: 2012-04-19 10:31:39

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